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politics

TEMPORARY PARLIAMENTARY COMMISSION OF FINANCIAL AUDIT OF STATE AUDIT SERVICE FOR 2017 HELD FIRST MEETING

Today, temporary parliamentary commission, which will conduct financial audit of State Audit Service for 2017, held its first meeting.

Members of the commission approved statute of the commission, elected the vice-chairman and the secretary of the commission, the Parliament reported.

economics

FDI ESTIMATION FOR 2017 EXCEEDS BY 16.2% ADJUSTED DATA OF 2016

Sakstat released estimation for 2017, according to which foreign direct investments (FDI) in Georgia exceeded $1.86 billion. This volume exceeds by 16.2% the adjusted data of 2016.

3 SECTORS ACCOUNTED FOR 60.5% OF TOTAL FDI IN 2017

Sakstat released estimation for 2017, according to which in total volume of foreign direct investments (FDI) of $1.86 billion, 3 Georgian sectors accounted for 60.5%.

Transport and communications had the biggest share – 28.3%.

3 COUNTRIES ACCOUNTED FOR 54.3% OF TOTAL FDI IN 2017

Sakstat released estimation for 2017, according to which in total volume of foreign direct investments (FDI) of $1.86 billion, 3 countries accounted for 54.3%. These countries were Azerbaijan, Turkey and the UK.

IN 2017, REINVESTMENT INCREASED 2.3 TIMES

Sakstat released estimation for 2017, according to which in total volume of foreign direct investments (FDI) of $1.86 billion, reinvestment accounted for $712.1 million (i.e. 38.3%).

If compared with adjusted showing of 2016, the volume has increased 2.3 times.

67.7% OF THE PLAN OF CAPITAL MARKET REFORM IS FULFILLED

Referring to National Bank of Georgia, International School of Economics at Tbilisi State University (ISET) declared that according to current year’s estimation, 67.7% of the plan of capital market reform (approved in 2016) is fulfilled. ISET noted that in 2017 the fulfillment rate made up 51%.

NBG RECOGNIZED ONE MORE RATING AGENCY FOR ASSESSMENT OF SECURITIES, TO BE ACCEPTED IN GUARANTY

Currently, National Bank of Georgia (NBG) recognizes 4 rating agencies as able to conduct assessment of securities (bonds), to be accepted in guaranty. The last among them is German rating agency Scope, which NBG recognized last year.

CONSTRUCTION OF ROAD FROM STEPANTSMINDA TO SAMEBA CHURCH TO BE COMPLETED IN NOVEMBER

Construction of the 5.6-km road from Stepantsminda to Sameba church (Kazbegi municipality of Mtskheta-Mtianeti region) will be completed in November, Roads Department declared. Construction works were started in May 2017.

YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: FINANCIAL AND ECONOMIC ISSUES OF THE MASTER PLAN OF LAND USE IN TBILISI ARE STILL FOGGY

While commenting on the master plan of land use in Tbilisi, Young Financiers and Businessmen Association declared that “financial and economic issues are still foggy”.

In particular, authors of the draft plan (i.e. City Institute) name themselves financial provision of the plan and inconsistency of private and public interests as risks, the Association pointed.

society

CRIMINAL PROCEEDINGS LAUNCHED AGAINST 5 PERSONS ON ACCUSATION OF DECEPTIVE ACQUISITION OF STATE-OWNED LAND PLOTS IN TBILISI

The Finance Ministry’s Investigative Service declared about launch of criminal proceedings against 5 persons, being accused of deceptive acquisition of large state property by previous concert.

The investigation established that these persons had “forged acts of acceptance, which confirmed hand over of the land plots to allegedly lawful possession”, the Service said.

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